Consider The Weekly Timeframe | Bitcoin Lower?

4 juil.

Good day my fellow traders, I am writing for you today because I know this is the moment when the largest amount of doubt can creep in; all sorts of opinions and ideas will start to pop-up all across the net and this can easily make us confused... When in doubt, zoom out!

Consider the weekly timeframe...

This week, based on the candle body, Bitcoin is trading at its lowest level since February 2024. This is a major bearish development.

This is the fourth consecutive red week after almost four months of consolidation, within a distribution phase. A close below the red line on the chart confirms this ultra-, major-bearish signal and thus, ultra lower prices are expected.

So, before considering any reversal; prices moving higher and hitting 70K, 80K, 90K or even 300K; we have to wait for the weekly session to close.

The conditions are not bullish right now.
The market has been negative and everything negative related is being confirmed.

With the not bullish side confirmed, we can expect the current situation to continue and even intensify.

For any real, information based decisions, the weekly session close is needed.

Technically speaking, nothing has happened yet.
Bitcoin continues with the exact same bias as it developed right after the ATH hit in mid-March, so you know exactly what to expect.

The unpopular market view is now being fully confirmed, so before you switch wait for the low to be in.

The low is not yet in... The meat of the bearish move is just getting started... We can expect much lower in the coming weeks and days.

Patience is key for your own success.

Namaste.